Bristow Group Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)

12 Months Ended

Mar. 31, 2022

Schedule of earnings per share, basic and diluted

The following table shows the computation of basic and diluted earnings per share (in thousands, except share and per share amounts):


	Fiscal Year Ended March 31, 2022		Fiscal Year Ended March 31, 2021		Five Months Ended March 31, 2020		Seven Months Ended October 31, 2019
	Successor						Predecessor
Income (loss):
Net income (loss) attributable to Bristow Group Inc.	$	(15,791)	$	(56,094)	$	139,228	$	(836,414)
Less: PIK dividends(1)	—		(12,039)		(25,788)		—
Plus: Deemed contribution from conversion of preferred stock	—		144,986		—		—
Income (loss) available to common stockholders – basic	(15,791)		76,853		113,440		(836,414)
Add: PIK dividends	—		12,039		25,788		—
Less: Changes in fair value of preferred stock derivative liability	—		(15,416)		(184,140)		—

Income (loss) available to common stockholders – diluted	$	(15,791)	$	73,476	$	(44,912)	$	(836,414)
Shares:
Weighted average number of common shares outstanding – basic(2)	28,533		24,601		5,641		35,919
Effect of dilutive stock options and restricted stock	—		180		—		—
Preferred shares as converted basis(2)	—		6,895		24,165		—
Weighted average number of common shares outstanding – diluted (3)(4)	28,533		31,676		29,806		35,919

Earnings (loss) per common share - basic	$	(0.55)	$	3.12	$	20.11	$	(23.29)
Earnings (loss) per common share - diluted	$	(0.55)	$	2.32	$	(1.51)	$	(23.29)

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(1)See Note 8 for further discussion on PIK dividends.

(2)For the five months ended March 31, 2020 the weighted average number of common shares outstanding, basic and diluted, take into account the conversion ratio applied to Old Bristow shares upon close of the Merger.

(3)Excludes weighted average common shares of 1,573,745 for the fiscal year ended March 31, 2022 (Successor), 135,882 for the fiscal year ended March 31, 2021 (Successor) and 3,175,849 for the seven months ended October 31, 2019 (Predecessor), respectively, for certain share awards as the effect of their inclusion would have been antidilutive. The Old Bristow Preferred Stock is not included on an if-converted basis under diluted earnings per common share as the conversion of the shares would have been anti-dilutive.

(4)Potentially dilutive shares issuable pursuant to the warrant transactions entered into concurrently with the issuance of the Old Bristow’s 4½% Convertible Senior Notes (the “Warrant Transactions”) were not included in the computation of diluted income per share for the 2019 period reflected, because to do so would have been anti-dilutive.